Hyundai’s corporate venture division has made an investment in Israeli technology firm allegro.ai, which specializes in deep learning-based computer vision. It aims to accelerate its deployment of artificial intelligence across various business areas, as well as to use AI to enhance the safety of the driving experience.
The allegro.ai technology is said to be an end-to-end product lifecycle management solution for AI development and production, both for simplifying development processes and for ongoing management of products and elements such as autonomous vehicles, drones, security and logistics. Hyundai intends to leverage this in its autonomous driving systems for road navigation and real-time decision making.
Nir Bar-lev, CEO and co-founder of allegro.ai, which was founded in 2016, said in a statement: “We share Hyundai’s belief that AI empowers the industry to provide greater road safety, autonomy, to better understand customers’ needs and to help broaden their experiences. Whether a company is developing autonomous vehicles, drones, security or other types of applications, allegro.ai makes it easy for them to manage their datasets and build deep learning-based solutions while guaranteeing complete and confidential control of their data.”
Ruby Chen, head of Hyundai Cradle’s Tel Aviv office, noted: “Our investment in allegro.ai is a further step in enhancing our presence in the Israeli market, a global leader of technological innovation in the fields of automation, artificial intelligence and deep learning… This is our fifth investment in an Israeli company and our activities will continue to grow [in] the coming year.”